Thursday, August 18, 2016

Tech boom reaches record heights in the Bay Area

The San Jose Mercury News reports:
The Bay Area now has a record number of technology jobs that surpasses even the peak of the dot-com years, a surge fueled by a hiring binge over the past four years.

And despite worries about a potential slowdown, experts are saying a "Tech Bubble 2.0" doesn't appear to be on the horizon.

The Bay Area now has 746,100 technology jobs, topping the record set during the dot-com era by 21,000 jobs, according to this newspaper's analysis of Employment Development Department statistics for the nine-county region.

While the surge has brought more jobs, it also has added to the region's housing and traffic woes, prompting some experts to warn that the expensive cost of living and transportation snarls could imperil the remarkable economic expansion in Silicon Valley and its nearby outposts.
There's more:
Roughly 1 in 5 payroll jobs in the Bay Area is now in high-tech industries, the analysis of the EDD figures shows -- a statistic that economists say has both an upside and a downside.

"What's good is that these are really good, high-paying jobs," said Jon Haveman, a principal executive with San Rafael-based Marin Economic Consulting. "What's bad is tech employment can be very volatile, so the Bay Area will experience job losses disproportionately in a downturn. That has happened in the past."
Imagine that.